Cementir pre-tax profits rise

Published:
09 November 2004

Italian cement company Cementir, a unit of the local construction company Caltagirone, posted a pre-tax profit of Euro 49.7m for the first nine months of 2004, compared to Euro 31.1m for the same period in 2003. Cementir’s operating profit rose to 44 mln euro from 37.1 mln euro and earnings before interest, tax, depreciation and amortisation (EBITDA) stood at 67.1 mln euro against 63 mln euro. The company EBITDA generated in Italy stood at 49.3 mln euro, down by 4.2 mln euro, while EBITDA generated by Cementir’s Turkish unit Cimentas rose to 17.9 mln euro from 9.5 mln euro.

Cementir has also announced that it has nominated Riccardo Nicolini as the company’s new CEO. Nicolini was nominated by Cementir’s board of directors at the company’s meeting to approve its financial results for the third quarter and the first nine months of 2004. Nicolini will replace Mario Ciliberto, who was nominated president of Aalborg-Unicon, which was recently bought by Cementir